5th January: The Daily Mail reports that Britain’s prized AAA credit rating is under threat as borrowing costs rise and the economy struggles.

The warning came as Britain’s fragile economy lurched towards an unprecedented triple-dip recession in a major setback to George Osborne. A gloomy report suggested the economy shrank by 0.2 per cent between October and December – leaving Britain on the brink of a third recession in just five years.

In a further blow to the Chancellor, UK borrowing costs climbed above those in France for the first time in nearly two years amid mounting fears over Britain’s debts and AAA credit rating.